Since Aerodrome’s introduction, the total value of Base’s locks has doubled to more than $380 million.
The debut of the decentralized exchange Aerodrome resulted to a spike in the total value locked (or user deposits) on the Layer 2 Ethereum network Base, which was incubated by Coinbase.
DeFiLlama reports that the network’s TVL has topped $380 million, which is twice as much as the network’s deposits totaled on August 28th, the day Aerodrome became live. Aerodrome contributes more than $200 million to Base’s overall TVL.
After being the fourth most valuable Layer 2 blockchain in terms of TVL, Base’s mainnet went live at the beginning of August, behind networks like Arbitrum One, Polygon, and OP Mainnet.
In an interview with The Block, Aerodrome co-founder Alexander Cutler remarked on the company’s meteoric rise, saying, “The growth has been extraordinary and is a validation of our thesis that ecosystem native DEXs can win.”
A fork of Aerodrome on Base was presented this week by the development team of Velodrome Finance (a decentralized exchange on OP Mainnet), in conjunction with 20 launch partners.
The team claims that their effort will increase Base’s liquidity and handle most of the network’s transactions. Using a flywheel, a system of decentralized financial incentives, this method is comparable to its technique on OP Mainnet with Velodrome.
The liquidity environment on Base was disjointed and the DeFi ecosystem was lacking before we launched. To further the ecosystem, we have now assisted in the onboarding of over 20 partners to Base, said Cutler.
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